I would now like to hand the conference over to Mr. Andrew Alcock, Managing Director and CEO. Please go ahead. Good morning, everyone. Welcome to the HUB24 first half 2025 results call. We certainly are working very hard in this business with our industry, our clients, customers, and business partners to empower better financial futures together for Australians. And now more than ever, that is a growing need in this country. Today, I'll be giving an overview of highlights and operating review of the business, followed by Katrina Shanahan, our CFO, going through some of our financial results. And I'll come back after that to talk about strategy and outlook before, of course, we'll take some questions from those on the line. So we'll jump straight in, but we're very pleased to tell you that on Valentine's Day last week, we had the pleasure of being the best platform for the third year running by Investment Trends as part of their 2024 Platform Competitive Analysis and Benchmarking Report. So we're delighted to be able to tell you that today that we're the best platform. Again, we were, of course, last year. And we also picked up the number one for managed accounts capability, which we've won eight out of the last nine years, which is one of the strongest growing parts of the wealth industry in terms of investment solutions for customers. In that survey, we picked up a number of other awards, which I'll run through very quickly: best in product offering, which is great to have, of course, in terms of our product offering meeting the needs of different groups of Australian investors. Best in decision support tools. Best in online business management. And interestingly, most improved, which I thought was quite cute having been awarded first place last year, which we're very grateful and humbled for. To be told we improved the most arguably means that we've extended our lead against our competitor set, which we're very pleased to do in conjunction with our customers and advisors because we're very serious about making a difference in our industry and investing in the future for all the participants. Along with that, on the left-hand side of this page, a couple of other things to mention. We also won an award from Sustainability Hub for having the most impactful new enhancement, which was updates to our Adviser fee consent process, which I might talk about a little bit more later on, but certainly key for advisors. That's been a pain point with a regulatory change in the industry, how do we make that easier for advisors and their customers? For FY 2025, for the first half, well, sorry, at the latest data, we're number one for annual platform and retail superannuation flows. And we've been in that position for some time now. But also the first for net flows where investors or customers choosing to switch or move for their superannuation fund on the advice of their advisor, number one in the industry for picking up the largest amount of net inflows for those who are choosing a different solution with the help of their advisor. So very pleased to be talking about that today as well. Onto some highlights in the operating review. I might flick straight through to the financial highlights slide. Pleased, of course, to be able to determine a dividend of AUD 0.24 fully franked for the half. And on the right-hand side of the page, you can see some of the stats there as well. With that dividend being up 30% on the same time last year, our underlying EPS is up AUD 0.51 to AUD 0.51 per share, up 41%. That's a diluted number for a prior period. NPAT up as well, 40%, and Stat NPAT up 54%. Great numbers there. Breaking them down, though, on the left-hand side of the pack, our revenue for the total group has been up 25% to approaching AUD 200 million at AUD 195 million, our platform up 29%, and tech solutions also up 9%, which we're very pleased about. And the EBITDA numbers there as well. Great, healthy percentages for the first half with 41% increase at a group level up to AUD 77.6 million underlying EBITDA. Our platform FUA, as you know, was very strong in the first two quarters and the first half of FY 2025. We finished the half at AUD 98.9 billion of custodial or platform FUA, which is up 36% on the PCP. As of 13th of February, last Thursday, it was up to AUD 102.6 billion, representing ongoing strong inflows in January to February to date, plus some market movement as well. With total FUA, including our non-custody or PARS business, at just under AUD 121 billion at 31 December. Some other highlights on the half from a business perspective. We've obviously done very well with getting record flows for ourselves for the first half of AUD 9.5 billion. That includes some large migrations, but a great result for the first half, which I think is testament to underlying market conditions, which are very favorable for our industry and very favorable for investors and advisors looking after their or looking after customers' financial futures. We've also had an increased growth in advisors, which we'll talk about a bit later, with 361 net additions in the first half choosing to start to use HUB24. Another large migration we announced during the period with the successive fund transfer for ClearView WealthF oundations. That's on track to complete in the next few weeks. So we're looking forward to that as well. And advocacy is building with myprosperity, with us signing up extra agreements with large national groups with myprosperity as well. NowInfinity and Class posting positive growth. We'll talk about that later on in the pack. On the innovation sense, we announced during the half the alliance we had with Reach Alternative Investments and hoping to access more alternative investments on the platform. Our award-winning reporting capabi lity, which we call Presenters, now being evolved, being called Engage, and it's in pilot at the moment. Very exciting results for that from advisors. We've continued to enhance the platform, evidenced by those Investment Trends awards, and a lot of work in Class with significant product enhancements during the half on what we call compliance with the future, including registry feeds. That's share registry feeds, property title searches, and document integrations that allow auditors of SMSFs and administrators to cite and see all source documents that make it easier and faster to do the job of looking after the accounting for self-managed super funds. Of course, this week, the Self-Managed Super Fund Association conference is in Melbourne, which we're presenting and talking more about those enhancements during the week. We've also been investing in the future with automation for quality and service, building out our infrastructure and our people and our capability to ensure we're growing and able to support the future growth that we strongly believe in, and of course, doing a lot of work in the AI space and automation to solve challenges for our industry. A bit more about that later. We take a look back at our growth over time, and we put this slide in each pack just to show the reliable and consistent delivery of growth and shareholder value, and that is the way we think about how we run and drive the business and how we approach investment and margin expansion and expense management in the business with corresponding revenue growth. Key value driver for the business being funds under administration with a full year CAGR of 53% and group revenue with a 42% CAGR over the last four years and underlying EBITDA at 47%. That 47% CAGR is above the platform CAGR, which is about 40% for the same period, indicating that we're getting results coming through from our tech solutions business, giving us diversified revenue and ongoing earnings growth for shareholders. In addition to some of the awards from Investment Trends I mentioned earlier, the next slide is not unfamiliar to those of you who follow HUB24. There's some other accolades there from the Investment Trends and other technology needs report, which is a different report, which is about number one for satisfaction, which means customers are choosing HUB24 and are advocates for us with our great net promoter score and all the tools there. Also having and still maintaining best overall advice platform for Adviser Ratings in 2024 and Wealth Insights as well, which is a sentiment award as well. So great accolades there. It's good to be recognized that we're doing what we believe in very much. And that is about making sure we put our customers in the center of our business and build solutions that are sustainable for the future and meet their change in demographics and continue to lead in the marketplace. We're very, very, very pleased to play that role. If we look at how that translates into market share over the last period, over the last 12 months, we can see that HUB24 has gone from 6.6% market share to 7.9% market share. That's the largest market share gain in our industry as researched by Plan For Life. We're currently ranked at number seven in FUA at 7.9% in the top 10 platforms there. Also pleasingly, the industry has grown over the last 12 months, or the industry as measured by Plan For Life with 17% FUA growth, reflecting market growth and inflows into the business, and so whilst that's the current platform industry, our addressable market, of course, is far broader than that with the non-custody further out from what is currently on platform, as evidenced by some of our growth as well, so good gains in market share, a great result there, hopefully from your perspective as well. Moving on to the advisor story, if you like, or the advisor lens on HUB24. Since 1H21, we had 11% advisors using the platform. It's now at 31%. Strong advisor growth, which you'll see in the next slide as an indicator for future opportunity as well, with the average usage or the average funds under administration per advisor in that same four-year period going from AUD 10 million per advisor up to AUD 20 million. So we've more than doubled the number of advisors. We've more than doubled the usage per advisor in our platform business. In the same time period, market share having grown from 2.3%- 7.9%. There's a lot of potential and a long way to go in this industry as a market leader to continue to grow and a great opportunity for us to keep working on, as you'll see in the next slide. We break this advisor lens down to look at the opportunity for that further growth. On the left-hand side for the first half of 2025, you can see the outlined box there that 86% of our flows for the first half have come from existing licensees and advisor relationships, 12% from new advisors in those relationships, and 2% from new relationships. Given that's the first half, that number will bounce around a little bit as advisors who started using the platform are with us for the full year. And you'll see that revert back to the normal trend there. But it's a great result with us continuing to get flows from existing clients and picking up new ones as well. Typically, advisor relationships can deliver transition flow benefits on a platform for a period of up to six years. And so when we consider that we had 361 advisors, that's on the right-hand side of the slide, 361 net additions in 1H25, the average for the past three years was 277. So there's been an increase in advisors signing up to use the platform this half, which is an indicator of future flows should we continue to have great products and service. The FUA per advisor having doubled, as I mentioned earlier. Interestingly, the average FUA per advisor in the industry is about AUD 75 million. So lots of room for us to continue to grow that usage. And 11% of advisors, we've actually got up to AUD 50 million or more than AUD 50 million on HUB24. So the slide is painting a picture about if we look at the lead indicators for advisor relationships, there's much more for us to do, much more opportunity to continue to grow and continue to exceed in the marketplace looking at those stats. And before I pass on to Katrina Shanahan, a quick snapshot about other businesses with our tech solutions business and myprosperity delivering consistent growth. Class has maintained its position as second largest in market share and growing at system with about 30.4% market share and more than 210,000 accounts with Class as a software solution. Interestingly, the self-managed super fund establishments has increased, and we'd expect that to flow through these numbers in the next six months as well. And NowInfinity, the growth and 810,000 companies using Corporate Messenger, and NowInfinity growing at 1.7 times system. So great leadership there from those two businesses. And on the right-hand side, the penetration into myprosperity is increasing. There's more to do. It's still early days. We had 18,000 new households sign up in 1H25 and 23 new practices using the solution. And you can see the activity stats there as well with logins from customers and firms and number of documents stored on the system as indicators of further usage moving forward. Katrina Shanahan, our CFO, will now take us through some of the financial results. Thanks, Kit. Excellent. Thank you, Andrew. So yes, I'll now run through the financial results. Here on the first slide, we have a snapshot of the group platform and tech solutions with revenue, underlying EBITDA, and customer numbers. So the group revenue of AUD 195 million and underlying EBITDA of AUD 77.6 million, with the platform delivering 79% of the revenue, tech solutions delivering 19% of the revenue, and the corporate segment, which holds the strategic investments and also has the corporate interest income in there, being 2% of the group's revenue. Platform revenue for the half was AUD 154.2 million and underlying EBITDA of AUD 66.7 million. Custody, FUA, and net flow still being the main driver, which is 97% of the platform revenue. The customer base is, as Andrew mentioned, just under 5,000 advisors. We've got 4,886 active financial advisors using the platform. And on the technology solutions side of the business, underlying EBITDA of AUD 13.8 million for the half and revenue of AUD 38 million, with a customer base of 6,500 accounting practices using the Class solutions. If we move to the next slide, we have a snapshot of the group financial results with operating revenue up 25% to AUD 195 million, operating expenses up 16% half on half compared to December 2023, growing 16%, with revenue growing significantly faster than operating expenses. Underlying EBITDA is up to AUD 77.6 million, up 41% over the PCP. Underlying EBITDA margin has grown 4.7% from 35.1% to 39.8% this half. And we also have the underlying NPAT up 40% to AUD 42.6 million and statutory NPAT up 54% to AUD 33.2 million. You can see on the graphs on the right-hand side the contribution from the platforms, tech solutions, and corporate businesses, with the platform operating revenue up 34% on the PCP and tech solutions up 3.2%. Underlying EBITDA platform delivering AUD 19 million of the underlying EBITDA growth of the platform. Moving on to the next slide, we have more details on the platform segment, with the total FUA up 33% to just under AUD 121 billion, AUD 120.9 billion. Custody FUA at the 31st of December was AUD 98.9 billion. As Andrew mentioned, on the 13th of February, we gave an update, AUD 102.6 billion, so crashed through the AUD 100 billion mark. Non-custody was up 17% to AUD 22 billion, and platform net inflows of AUD 9.5 billion in the six months, which included AUD 8 billion of underlying net inflows and AUD 1.5 billion for EQT large migrations that were completed in the half, and the EQT opportunity being AUD 5 billion in total. And we've got another billion expected to come through in the second half 2025, which will close out that large migration of AUD 5 billion that we called out. Underlying EBITDA is up. The underlying EBITDA margin is up 3.3%- 43.2% in the half. You can see the graph on the bottom right-hand side shows the walk of the FUA with net inflows of AUD 9.5 billion and market movements of AUD 5 billion on the custody side and the non-custody growing AUD 1.7 billion in the half. Okay, moving on to the next platform slide. So on this slide, we give a bit more detail on the platform revenue margin, with the revenue margin reducing one basis point in the half to 32 basis points, which you can see on the bottom right-hand side graph. There were strong markets during the half, which meant that average balances were increasing and people were moving into slightly higher tiers. The percentage of custody FUA with fee-paying clients remained steady in the half, and you can see that in the analyst and investor pack. The average cash as a percentage of the custody FUA remained stable in the half at 7%, although we did see that dip down to when we came out at an exit run rate at the 31st of December. It was more around the 6.5% mark. Moving on to the next slide, we have the composition of the platform revenue and platform FUA. So here on the graph on the right-hand side, you can see that the composition with 86% of the custody FUA held in retail, which is up 1% on first half 2024, and the institutional portion of the custody FUA is down 1%- 14%. The retail flows have been really strong over the last 12 months, which has offset the growth in the institutional FUA plus the large migrations from EQT going into institutional FUA. The graph on the bottom right-hand side shows the movements in the retail and institutional revenue. You can see the one basis point reduction in the total custody FUA from 33 basis points to 32 basis points, with the one basis point reduction coming from the retail side of the portfolio, 37 basis points down to 36 basis points, and institutional revenue margins remaining stable at 13 basis points. Okay, so then moving on to the next slide, we have the platform underlying EBITDA margins. They've grown to 43.2%, up 1.7% on the second half 2024, and up 3.3% in the 12 months to December 2024. You can see that in the graph on the bottom right-hand side. All of the growth on the platform side is coming from operating leverage and growth in net flows and strong markets. We then have the graph on the right-hand side, which shows the previous five halves with the revenue and consistently increasing underlying EBITDA margin steadily ticking up to that 43.2%. The four-year compound annual growth rate for the platform underlying EBITDA is 40%, so fantastic growth in the platform division. Moving on to tech solutions, so it's been a really strong half with underlying EBITDA of AUD 13.8 million, up 37% on first half 2024, and the underlying EBITDA margin has grown 7.3% on PCP to 36.4%. You can see the growth in all of the key metrics for Class, with Class accounts growing 3% to just over 210,000, Class accounts growing at system, Class document orders up 10%, just over 200,000 in the six months, and companies using the Corporate Messenger solution up 17%, which is significantly above system growth. Operating expenses are up 2% on first half 2024 and, sorry, down 2% on first half 2024 and slightly up on the second half 2024. The operating leverage that we're seeing come through in the core businesses has enabled reinvestment into new capabilities for the Class customers. Moving on to group expenses and underlying EBITDA margin. You can see the graph on the right-hand side. Expenses are growing 16% to AUD 149 million, or up 17% if you're excluding the amortization related to acquisitions. So employee expenses is the main driver, with AUD 9.3 million increase half on half in employee-related expenses. Other has been relatively flat half on half, with 88.3 first half 2024, 88.2 first half 2025. This reflects very disciplined cost management. However, we do have increases in customer-facing FTE supporting the growth that we're seeing come through in the businesses. You can see in the commentary there, we've got customer-facing FTE increasing 20%, and we've got corporate roles in areas like risk and compliance and HR increasing 9%. However, this has been offset by the closure of the Xplore integration and the wind down of some of the large migration activities, with the bulk of the EQT migration being completed. And then the graph on the right-hand side just shows you the contribution to the underlying EBITDA margin from the various areas platform delivering 2.3% of the underlying EBITDA margin growth in the half. Moving on to the next slide, we have a walk of the underlying EBITDA to the underlying NPAT and statutory NPAT. Both underlying EBITDA and underlying NPAT are up 40%, 41%. The underlying EBITDA growth of 77.6% reduced by AUD 6.7 million of share-based payments, AUD 9.5 million of depreciation and amortization, and then AUD 18.8 million of interest and tax. Taking us down to AUD 42.6 million of underlying NPAT, and then the acquisition amortization on things like the Class acquisition, Xplore acquisition, net of tax AUD 9.4 million, taking us to 54% growth in statutory NPAT. We've also in this slide given you a bit of an indicator of the depreciation and amortization for full year 2025 will be somewhere around AUD 19-21 million, and then the acquisition amortization for full year 2025 is expected to be around that AUD 26 million. There has been a bit of an uptick in the effective tax rate up to 28%, 25% first half 2024, so a bit of an uptick there. That's mainly related to movements in our deferred tax balances that relates to things like the purchase of the treasury shares and the timing of using those treasury shares and R&D claims. And then moving to the final finance slide, we've got a recap here of the dividend with a 30% growth on the dividend and a dividend declared of AUD 0.24 per share in the half. You can see that on the graph on the right-hand side, a four-year CAGR in the dividends of 52% and a 48% four-year CAGR on the underlying diluted EPS, which was AUD 0.51 per share in the half. We've also called out here the strong operating cash flows. So we have operating cash flows of AUD 67.1 million in the half, which is an 86% conversion of EBITDA to operating cash flows. And we've also given you a bit of a list here of a few things that, or what do we use the cash for. Ongoing investment expected to be around AUD 20 million of CapEx in the half. We've got employee share schemes purchasing treasury shares on market to service those employee share schemes. And we've also got the operational risk financial requirements for the HUB24 Super Fund, with the Super Fund growing and the offer reserve expected to increase as well and potentially a loan there with the trustee to service the offer. So with that, I will hand back to Andrew to talk about the strategy and the outlook. Thank you, Kit. As you know, our industry has been undergoing transformation for quite some time, and it is continuing. And it's continuing in a way that is allowing HUB24 to be uniquely positioned to capture significant opportunities for growth. So, for example, we've seen the emergence of advice networks over the last couple of years since the exit or the realignment of advisors away from institutionally aligned, with 90% of advisors now being privately owned licensees and then the emergence of advice networks working together to build sustainable business models. We've recently seen two large wealth institutions exit their aligned advice businesses out into separate business models, that being AMP and Insignia. The investment or the lack of investment in advice infrastructure following the exit of wealth from the banks is continuing, and there's continuing uncertainty about the ownership of some traditional institutionally owned platforms, with that being very topical in the media at the moment about ongoing ownership of platforms and indeed ownership for those institutions as well. And with cybersecurity, we're driving up demand as well. So, from an industry perspective, there's a lot of change, which is ongoing from the transformation that's been happening since around about 2013, and we're very well positioned to deliver into that industry change. And on the customer point of view, the demand for advice is increasing with 2.3 million Australians' unmet advice needs. We've got a huge groundswell of Australians looking to transition from accumulation to retirement over the next decade, with about 3.6 million Australians doing that, and close to AUD 5 trillion of assets looking to have transferred intergenerationally over the next few decades as well, which is changing the need and the design for products in our industry to include more retirement products, but also to think about products for intergenerational wealth transfer and so forth. The need for that requires, or to do that, you require data integration, great systems, great solutions, and increased profitability for financial advisors and customers by leveraging technology, which is certainly what we're about at HUB24 as well. The industry and the customer needs continue to shift, and we are uniquely positioned in our view to continue to deliver into that. We can break that down into two opportunity sets, if you like, or how we look at that through two lenses. One is about us growing our market leadership today. On the left-hand side of the slide, they're just talking about our established businesses being HUB24, Class, and NowInfinity, well regarded as market leaders and having that strong position. We're well positioned to continue to grow those businesses. And on the right-hand side of the page, to continue to transform the industry, as we like to say sometimes, Create Tomorrow through technology and data solutions that leverage our capabilities to drive efficiency for professionals and get better outcomes for customers. So, taking advantage or harnessing our footprint to deliver more products to more customers and strengthen our relationships across our customer groups, across those existing business models. Hence, two large opportunities to grow our current market-leading businesses, but also to create additional revenue and shareholder value through building technology and data solutions that increase advocacy for both. And with both of those opportunities, creating both synergies for each other. If I look at that from a footprint perspective on the next slide, our business footprint supporting the strategy, we are the best. Our goal is to be the best provider of integrated platform tech and data solutions. You can see in the middle of the slide that footprint with our market-leading businesses. Taking that footprint with our strategy of leading today, creating tomorrow, and our very deep-rooted attitude of working together and collaborating with our industry to build an open architecture, choice-based industry, and also thinking about the future, we certainly hope to deliver change and deliver needs that meet customer and deliver solutions meeting needs across the life cycle, but get some great outcomes in terms of one way of doing business with access to market-leading solutions, a single view of wealth for customers and professionals, which is sadly lacking in our industry, efficient access to an ecosystem of technology providers that will enhance productivity and allow advisors to see more customers and make advice more accessible for Australians, and great flexibility and insights for businesses and for advisors as well. And so, we've talked about this before in terms of our strategy and those four pillars, and we are continuing to work in that direction. A little bit of a snapshot of some things that we're working on on the next slide before we get on to our outlook slide. Certainly, we're going to continue to deliver solutions for evolving customer needs, and that is we're enhancing our retirement functionality to allow pension payments or allocated pension payments to be more flexible and paid at different times of the month. We're also working with Challenger in enhancing their user interface and how it works with our platform and looking at other solutions to help people transition from superannuation to retirement or accumulation to drawdown. We're further enhancing our integrated or single view wealth view of custody and non-custody solutions with our market-leading platform. We're working on also a wholesale PDS or offer for the high-net-worth market to give access to different ranges of asset Classes. So, whilst we have great products that service that industry as well, we're going to work on a discrete or separate product offer targeted at that marketplace with broader access to different solutions and asset Classes. And of course, with our Discover offer on HUB24, we're enhancing the range of investment opportunities, which is for those with simpler needs or smaller balances. So, playing at the entry-level part of the industry as well as the high-net-worth part of the industry and all the way in between where we certainly are excelling in our superannuation investment capabilities there. On the productivity side, we'll continue to deliver enhancements for HUB24. We are, as I said, evolving our present reporting capability to a new product called Engage. We're enhancing payments functionality. That's actually being able to pay third parties out of your investments through our cash management facility. Additional data feeds and integrations for Class, which I mentioned earlier, making it easier for those with a self-managed super fund to have the source documents required to finalize their accounts to their lodgments and auditing and allowing that to work much more smoothly in the future. Continuing to collaborate with large licensees and customers to build that open architecture wealth system or ecosystem where HUB24 components and other components will be merged together to simplify and have better straight-through processing end-to-end, cybersecure, multi-factor authentication, consents, and so forth through a whole ecosystem. Certainly, how we're working with productivity with our business partners as well. And lots going on with AI and robotics and automation. For example, the fee consent award we got for the best innovation earlier is using AI to look at fee consent forms coming in from customers to make sure they pass muster and do the job. We've got automated templates to do that individually and in bulk. All sorts of things with AI in terms of compliance, using large language models, which we've been doing for some time now to read unstructured documents to help licensees with compliance on SOAs, dashboards, predictive analytics. Lots going on in that space with our dedicated innovation lab as well, and we'll talk more about that as we continue to extend in those areas safely and robustly to protect consumers, of course, but certainly making a difference in terms of productivity and outcomes, so that's a bit of an idea of some of the things we're working on as always. And turning to our last slide, in summing up the presentation today before we move to questions, HUB24 continues to have a significant opportunity for growth and, of course, to create value for customers and for shareholders. We have updated our FUA guidance. This is the guidance we gave for the end of financial year 2026 when we did our FY 2025 results in August last year. We had set a target of AUD 115 billion-AUD 123 billion of custodial FUA. We've updated that due to the great half we've had and the opportunities in the pipeline we've got right now and some of the market movement to a range of AUD 123 billion-AUD 135 billion for the same time period. For financial year 2026, we're giving guidance that we expect our FUA custody and FUA to land in that range, the lower bound of that range actually being the higher bound when we published that guidance six months ago. Great result to be able to update that in a period of six months' time. That's based on a strong start, as I said, to the financial year. Embedded inflows are between 11- 15 per annum, excluding large migrations. Some of the known migrations we've got are potentially factoring in some outflows of discontinuation of the Xplore MDA business, which we announced in our recent quarterly and a range of market assumptions. On the left-hand side, a similar story. Look, we are in a structurally growing marketplace, and we intend to leverage that and the demand for integrated solutions with the great footprint we've got. We've got strong growth from existing relationships and a strong pipeline of new relationships as well. The platform is particularly positioned to grow significantly, having won those recent awards with nearly a 10-point gap between us and the highest-ranking traditionally institutional-owned platform and a 30-point gap between some of the others. And so that's a great accolade for us. We intend to capitalize on our unique footprint and capabilities to unlock value for customers and shareholders. That's in terms of investment options, efficiency, information, and insights. Our operations, of course, are scaling. You're seeing that through some of the results that Katrina outlined with margin expansion, and we're very, very well positioned from a capital and cash flow perspective. So thank you very much for tuning in today. Of course, we're always thrilled to have the support and the interest of shareholders and analysts in the market alike, and thank you for joining us. We'll open up to questions now. Thank you. If you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from James Bisinella from Unified Capital. Please go ahead. Hi, Andrew. Hi, Kit. Congrats on what looks like a pretty flawless result. Just on the net flow FUA guidance, it was sort of AUD 11 billion plus previously, and that's changed to AUD 11 billion-AUD 15 billion. So you've put a AUD 15 billion kind of upper end out there. Just interested in the reasoning for that. Is that just around the strong pipeline and visibility over the next 12 months? Yeah, I'm happy to take that one, James. So look, we've given a broader range just because obviously the first six months of this half have been fantastic, AUD 8 billion of underlying and AUD 9.5 billion in total. And the pipeline is really strong, and the positive sentiment that we're seeing come from the distribution network is really strong. And equally, the markets seem to be very strong as well. So if all of those things hold, it absolutely looks like it could be at the upper end. But if any of those things change, then you could be down at the back end or the lower end of that pretty quickly. Really, the reason why there's such a large range this time and there is that lower end of it compared to where the run rates are is just because of the uncertainty as to how long will this positive environment continue. We do have a bigger base, and market movement can affect that with more volatility. And should markets correct or we end up with zero market growth over a 12-month period, you can see that changing remarkably, James. So that's the reason why. And we'd rather not be revising guidance. We're certainly very optimistic about hitting to the middle or upper end of the range. Definitely. I guess it looks pretty strong just seeing you did kind of AUD 11 billion on a like-for-like basis in 2024. Just another one for me on large migrations. Just keen to hear what the pipeline for those look like as well. And kind of, are there many tenders out there in the market? Just interested because it appears the cadence in wins on those larger deals appear to be picking up for the group. Look, there's always activity. And as we've said sometimes, and thank you, James, for asking the question, we're very shy about giving too much away. There's always activity. In some cases, the nature of them is shifting. So whilst there are opportunities like that, there are opportunities to pick up large transitions as opposed to migrations from licensees or businesses who are retooling or reconsidering their future, particularly in a lot of the change that's going on in the industry. So there is certainly momentum for unplanned flows from our perspective in terms of our normal organic flow. In some cases, it might be large transitions. Other cases, it might be IT projects and migrations. But as and when we get them and we're certain of them, we would let you know. Excellent. Congrats again, and thanks for my questions. Thanks, James. Thank you. Your next question comes from Siraj Ahmed from Citigroup. Please go ahead. Hi, Andrew. Hi, Katrina. Last two questions. Just first one, Andrew, can you just clarify—I might have missed this—what the split between market movement and flows is for the third quarter so far? And I understand the range of $11 billion-$15 billion. I mean, first off, as Kit mentioned, it was $8 billion. Any reason you're seeing anything slow into the second half at the moment? Thanks. No, the flows have been strong to- date. So as you know, we don't normally spell that out and we'll give you results at the quarter. But obviously, we had a strong quarter to December, and we had higher-than-expected flows in January. We normally budget January to be a lower month. So we certainly had higher flows expected in January and also in February to- date. So there is quite a bit of market movement in that number. I think is it the ASX 200 was up 4.7% in the first six weeks? Correct. And so there's some market movement in there. We don't correlate totally to that, but the flows are quite healthy. They would indicate, Siraj, that the strength in the market and the customer sentiment continues in terms of advisors and customers putting money into equities and investment vehicles. Got it. So no reason for the $8 billion to slow at this stage at least. Thanks. Second one, maybe one for. We have no indicator of that. Yeah. We have no indicator of that, but we also would say we can't say that there's a trend here for the first half to continue in the second half, but it looks fairly consistent. Perfect. Second one, maybe one for Kit. Just it's interesting that the employee numbers were down half and half, right? And so should that mean that OpEx growth should slow? I think you previously said maybe low to mid-teens. Sounds like this has to be low teens based on the headcount. It would be pretty helpful just to get some color on that. Thanks. Yeah, correct. So look, I think as I sort of mentioned in the call, we did have this sort of reset on integration activities and large migrations broadly completing. And so that obviously did offset the growth in the headcount that you would have seen for the volumes coming through. You can expect to see in the second half, given everything that we've said today and the fact that we're still seeing this positive momentum come through, you can expect us to add headcount into the second half. And that headcount in the second half could be anywhere around the 50-60 FTE, depending on the environment that we go into. But that's what you can expect to see. You can absolutely expect to see operating expenses. Like I said, when we came out of full year 2024, I was expecting it to be in that mid-teens. I think because we have such strong growth, the variable costs associated with the platform side of the business are absolutely increasing. And you can expect and you've also got supplier CPI increases, salary increases in there, and you'll see some headcount increases in the second half. So I'm probably expecting it to be more in that sort of in the mid-teens, slightly above, certainly not below, coming out into the second half. Okay. So that's. Yeah, sorry. Go on, Andrew. Sorry. I was going to say the benefits of automation and the investment we've had in our operations team are being leveraged so that the amount of headcount you need for the growth is more efficient, but there is variable costs in terms of pay-away third parties, and there is some headcount increase there. But we've done very well with our investment in automation to slow that level of growth. Yeah. Sorry. Just clarifying, Kit, did you say 50-60 people in the second half or was it 15-16? Sorry, I missed that. 50-60 in the second half. Yeah. All right. Great. Thanks. I'll jump off. Thank you, Siraj. I haven't signed off on that yet, but we'll still keep talking about it. All right. All right. Thank you. Thank you. Your next question comes from Bob Chen from JP Morgan. Please go ahead. Hey, thanks for the question, guys. I think there was a comment earlier just around that acceleration in the number of advisors you have added over the half as well. Can you sort of go into a little bit more detail on where those advisors are coming from, and do you expect that sort of momentum to continue into the second half and into next year? I would love to be able to go into more detail because I asked the question myself, Bob, and I couldn't quite get an answer. It seems to be fairly representative of the shape of our board. So it's not from any one large account or so forth. It's across the board through all our channels and segments that we've had an increase. I think it is a testament to the investment and the work that we've been doing for some years now and indicative of the growth we saw in the first half. So nothing notable there. As to will it continue, hard to say. It certainly is a great result and sort of surprised us to what we were expecting. And when you look at the stats in the industry, you'd have to think that at some point in time, it might slow down. But back to my earlier strategic comments, other platform providers are not catching up. We were number one, and we've now won a most improved award, which means we've improved more than others, but we're already the market leader. Does that necessarily mean that we're going to continue to enjoy being selected as a platform of choice? In that case, you could see it continue, but I have no other indication other than that to comment on, Bob. Great. Thanks for that. And then just on the tech solutions business, we've seen a pretty strong pickup in both revenue and also the margins in that business. Look, how much of that revenue growth was driven by price? And can we sort of expect further price increases to drive growth in that business into next year? And then on the cost side, it seems like there's been a fair deal of cost control there as well. Do we expect that to continue as well? So on the revenue side, yes, you're correct that the Class business did put through a price increase on the Class side of the business, I guess, as I said, not the documents and Corporate Messenger piece so much. I mean, absolutely, the software businesses, you can expect to see at least CPI, if not more, price increases going through. Class has delivered capabilities with extra document feeds, direct feeds into share registries, etc., that the customers are getting. So they are continuing to invest. And so, yeah, you will still see price increases coming through. On the expenses and the FTE and the discipline cost management side, we did do a lot of that in the coming out of the second half, and you've seen the benefit of that in the first half. I think it's set at the right sort of level now. Obviously, we'll continue. We're always looking to improve, get more operating leverage so that we can reinvest to continue to grow the businesses. But I think you've seen a large chunk of that disciplined cost management already embedded in there. Great. Thanks, Kit. Thank you. Your next question comes from Cameron Halkett from Wilsons Advisory. Please go ahead. Hi, Kit. Hi, Andrew. Just one quick question from me, please. Just around the cash balances, Kit, is there anything to highlight here on the stability relative to floor levels that you've seen? I suppose, are you seeing cash balances normalize given the healthy cadence of flows that are starting to come through rather than any perhaps meaningful rolloff of term deposits or any reallocation with asset allocation? Thanks. Yeah. So we don't include term deposits as a classification in that cash as a percentage of average flow. That's just the transaction account cash balances when we're calling out the 7% across the second half. Look, it's difficult to say where it's going to project to in the future and in the long term, and it does move around a lot. If you have very strong equity markets and very buoyant equity markets and you have high confidence, which is what we're clearly seeing at the moment, you can expect the customer behavior underneath. You can expect to see them moving into equities, and so the cash balances naturally might come down during those economic cycles, and then when the equity markets aren't so positive and people are more nervous, and if interest rates are high, then people will park more in their transaction accounts, but it does move around a little bit. I guess we have historically sort of said that it had been around that 8-10% had been normal. And what we're probably seeing more now, certainly for the remainder of 2025 and possibly into 2026, I'm probably thinking more that somewhere between 6% and 7% is more normal in this environment, but it could change. Yeah. Okay. Thank you. That makes sense. Thank you. Your next question comes from Nick McGarrigle from Barrenjoey. Please go ahead. Yeah. Just to clarify, the overall OPEX growth of kind of above 15%, that applies to the group, right? I mean, you kind of did a bit better than that in terms of OPEX growth in the first half, but just wanted to clarify that's a group side. And so it'll be kind of in the mid to high teens. Yeah, that's right, Nick. That is totally at a group level. And yeah, mid- to high-teens is exactly the right way to think about it. Yeah. And given you grew mid-teens in first half 2025 on pretty flat FTE and you're adding 50-60 roles in the second half, how should we think about OpEx growth into 2026? Yeah. Look, it's a good question. I would say you can take that 50-60 because it does depend on the timing of the phasing as to when they come in and as to the impact in 2025. But if the growth continues as it is and the hiring continues as we're potentially expecting because it's driven, three-quarters of that comes from the growth and maybe a quarter of that comes from investment into the Create Tomorrow and the strategy. So if those things continue as they are, you can expect that full run rate into full year 2026. And then you've obviously got the growth. We've given you the guidance in where the net flow range could be, and you can kind of model that out normally. The only uncertainty in there, the piece in there, is around that: what will the reinvestment be and how much will the reinvestment eat into operating leverage that's coming through? And we'll probably give you more details on that as we head into the year-end. Okay. I mean, given you had flat FTE first half, you're growing it in the kind of 7-8% range in the second half, it'd be reasonable to expect that your growth rate in OpEx is higher in 2026 than it has been thus far in first half 2025? Yes, I would say in 2026, you can expect it. I mean, where we're at at the moment, I wouldn't expect it necessarily to be you'll still see the operating leverage come through, but maintaining it at these levels where we've had very low headcount increase in first half, no, I'm not expecting that to happen in 2026, but there's still a lot of a long runway before we get there. Yes. Okay. Understood. Yeah. I think you made a comment in the presentation about ongoing operating leverage and that can continue to support reinvestment at the same time given the strength in the top line. I just wanted to get a sense of. Yeah. And I guess on the tech solution side, there was a really strong EBITDA outcome in the first half. The 36% margin, is that something that you'd expect is the new normal, or was there a bit of cost consolidation in there that was maybe temporary and that margin moderates off that 36? I think the margin will moderate slightly off that 36, but I think it will be the growth that you've seen in the first half 2025, you won't see that level of growth come through in the second half or into 2026. But I think that when you look at year-on-year, the underlying EBITDA margin for tech solutions, you can still expect to see a substantial growth year-on-year. And I think it should be sort of around that 36-ish mark, but you just won't see that level of growth come through that you've seen in that 7.3%. Yeah. Okay. Thank you. And then maybe a last one from me. Tax was a bit over 28% in the first half. I understand there were some temporary things and obviously a lot of treasury shares bought back in the half. What's the kind of tax rate that you think the business normally would track to, and does that change short-term versus maybe where if we looked at five years, does it track towards a full 30% tax rate, or is it always going to be a bit off that? There's likely to always be a bit off that purely because we have R&D credits that come through that generally reduce the tax rate. Obviously, one of the other things that moves the effective tax rate around is the purchase of treasury shares and the timing of utilization of those. And there will come a point in the next two years potentially where we will become 100% hedged on those treasury shares versus utilizing the treasury shares to service the employee share schemes. Once we are 100% hedged on that, you'll see less volatility from that, and so it'll only be the R&D that is moving the tax rate around. Yeah. Okay. So maybe second half won't be quite as high as what we saw in the first half, and then over time tracks up towards a kind of 28% number, but not towards the 30%. Correct. Yeah. All right. Thanks for that. Thank you. Your next question comes from Scott Hudson from MST. Please go ahead. Yeah. Good afternoon, Andrew and Kit, maybe. Kit, could you give us a sense of what level of cost savings your investment in automation and robotics has delivered? I don't have that number to hand, and we generally don't give it out. Andrew's just calling out to me. This half, we've seen a saving of 14 FTE in our operations team. Sorry, Kit. Yeah. 14 FTE. In terms of, sorry for cutting, cost avoidance in terms of we haven't had to hire 14 people as a result of that automation in operations, but I haven't quantified that in dollar terms. And that's in the operations part of the business. Probably doesn't include other areas where we do the automation. Thanks. And then your comments that your FTE were flat year-over-year were complemented by a comment that average FTE was higher through the period. Can I just sort of understand, I guess, the movements of the FTE balance? Yeah. The average FTE will have been higher just because of the timing of the phasing of hiring in the first half. And it's generally, it's group technology, and it's operations where we're constantly putting on extra headcount to keep up with the volumes and the net flows and the number of accounts that we're seeing come through. So Class, you would have seen the headcount reduce slightly, and you saw that come through in the cost management that we did, and that's probably normalized now. And then particularly heading into the end of the first half, you would have seen an uptick in the technology and the operations headcount, which is what's driving the average up. Okay. And then could I get a sense of sort of what underlying wage inflation is like for your employee base? So looking in, we do our pay reviews between June and September, and so the pay increases take effect from the September month. And so this year, when we were putting it through, you would have seen anywhere between, say, 4% and 6%. And we haven't got a lens on what next year will be like, but this year, you would have seen more like 4%-6%. So that'll annualize through the second half there. That's right. Correct. And then lastly, just myprosperity, obviously, EBITDA loss of sort of AUD 1 million. Are we, I guess, closer to the inflection point on myprosperity when we should start to see some of those losses unwind? I think it's taking a bit longer, and there's more to do, but we're seeing the growth in the underlying business. We're certainly working on a whole lot of pilots and prototypes, but we are investing in that business and looking at new ways to go to market. So the expense line's been a bit hungrier than we would have liked in terms of the matching it with the revenue. But in terms of the advocacy for the platform, the flows, and the strategy, it's paying dividends. So yeah, you won't see that turnaround in the very short term. Thanks very much. Thank you. Your next question comes from Olivier Coulon from E&P. Please go ahead. Hi, guys. Can you hear me? Yep. All good. Hey, Ollie. How are you doing, Andrew? Congrats on the result. Just on the cash balance, Kit, in terms of finishing at 6.5%, I think you said, has that lifted since in this quarter, or is it continuing to run at around that level? No, we've seen it hover around that level, which is why I'm kind of giving you guys that stare. But even though second half 2024 and first half 2025 were both quite consistent at that 7%, I think with the environment that we're in and with the size combined with the scale that we've got, it has come down to that 6.5%, and it looks like it's definitely staying around there from what we've seen in the stats. You're basically looking at riskier asset allocation, maybe because interest rates might be coming down. I think it's time to get in, but certainly, people are more risk-on in this part of the cycle, which is affecting that. Yeah. Yeah. I mean, obviously, you're getting the benefit on the other side through flow. So yeah. And then just in terms of the reduction in headcount, can I clarify? So the 30 or 29 people that you took out from the end of migrations, etc., were those already included? Were those included in the underlying numbers last year, or were they part of that AUD 9.5 million of OpEx that you effectively treated as a non-recurring item? Yeah. Some of those would have been, and a large chunk of them would have been in those underlying sorry, those notable items that we did for Xplore and large migrations. And some of them might have been above the line, but the bulk of it would have been below the line. Okay. Yeah. Perfect. And then just on the impact on the retail margin down basis point, so was all of that just the effect of tiering and capping from market growth and, I guess, the natural maturation of the book, or how much is, I guess, a like-for-like compression in margin, if any, from the front book maybe being different to the back book? Yeah. So look, the bulk of it is coming from the tiering, and the fact that the markets were really strong pushes the average balances up, and people go into higher tiers. I think I did call out on the call that when you look on page 14 of the analyst and investor pack, we've got the spot custody fee paying FUA. That hasn't moved half on half. So it's not necessarily that people are ticking into higher caps necessarily, or there's probably a part of it, but not enough to materially move the portfolio. So it is people moving into different tiers. I mean, we obviously do have the Discover menu as well, which is a lower revenue margin than our core and our choice offerings. So again, there's a small element of that that may be in there, but no, the bulk of it's going to come from the tiering. Yeah. Okay. Thank you. Appreciate it. Thank you. Once again, if you wish to ask a question, please press star one. Your next question comes from Siraj Ahmed from Citigroup. Please go ahead. Thanks. Just a couple of follow-ups. Andrew, first one, on the Xplore MDA, how much have you sort of assumed as a base case of things that could be an outflow from the business? Sorry, how much base case? Yeah. For the base case, what have you assumed sort of could flow out, right, from the two billion? I haven't assumed. I couldn't allow for that. There's about AUD 2 billion in there. There's a range of groups there, and we are still working through those groups with transition opportunities either into existing hub products or helping them elsewhere. So there isn't a base case amount in there, Siraj. If you wanted to model, model half, it's the only answer I could give you. It could be that we retain three quarters of it or not, but it's certainly a business model that isn't set or viable for us to continue in the way it was run. Got it. Okay. Thanks. And just second one. We've got to March 26, so it's very hard to give you an indication of that. Yep. No, just wanted to check. And second one, on the pricing question from Olivier, are you seeing any increased pricing on the new deals? Because one of your competitors sort of mentioned that as a reason for increasing the cash margin. Are you seeing sort of pressure on the new deals? Thanks. I had heard that, but I hadn't seen that written down. I find that an interesting comment to make, but we're not seeing pricing pressure at all in the market. Right now, it's been fairly consistent. But mind you, it's alive and kicking. If there's deals to be done for value for shareholders, we'd participate within reason in that, but we're not seeing any pressure that's suggesting there's a pricing movement. We did see overtures of one provider with a relatively new product giving discounts for a period of time to try and gain market share. That hasn't worked. So we haven't seen any shift where those have been doing less rational pricing have had any benefit. So no, not at this point. Although I did hear the same thing, that there'd be somebody who was changing a cash margin maybe to look at other pricing, bearing in mind that since the reset of cash rates and spreads available in the marketplace, in our case, we did not pass that on to consumers. And so there was a revenue hit for platforms a couple of years ago in that regard, which is open to change at any point. Well, super helpful. Thanks, Andrew. Thank you. Your next question comes from Nick McGarrigle from Barrenjoey. Please go ahead. Hi. Just keen for any observations on the recent Evidentia-Lonsec merger. Obviously, you guys dominate in managed accounts, and so I just wanted to see what the consequence of those two coming together might be or if you've got any observations on that. And then maybe just to follow on on managed accounts, what's the split between super non-super on managed accounts? Is it kind of evenly split, or is it more an investment product? I'm not sure we have that data at hand, Nick, but we might find that subsequently. Certainly, I think it's a good move in the marketplace. It represents what we've been talking about for a long time, that managed accounts provide better utility and better outcomes for consumers in terms of tax management, personal ownership of assets, continuity, unwrapping, rewrapping. They've certainly reduced drag and buy-sell spread from unitized investment vehicles. So I think it's a natural stage in the same way that you're seeing larger and larger advice groups come together through the merging of licensees. You'll see this with managed account providers. I think it's good for the industry that you have large, robust providers doing that. So I haven't thought through consequences as such other than we obviously had a relationship with Lonsec and Evidentia, two very, very good relationships, and we'll continue to work on that with them. The consequence might be the impact on the value chain for investment managers, which are component parts of those portfolios, and buying power from large portfolio managers across that is one possible consequence. Early days. Okay. And then you don't think in terms of more scale means they can try and negotiate better margins if they concentrate their scale with one or two platform players? Interesting that there are some fees that are related to portfolios in terms of portfolio management fees, which you could argue there's volume benefits for both parties and efficiency benefits for both parties. I'm not sure that you'd see it negotiate better platform rates necessarily because the platform relationships with licensees and investment option portfolio managers are choice-based. You may not necessarily stay with the same portfolio manager, but you might stay with the same platform. So I can see on some of the fees around supervision of portfolios, there's an argument for procurement power there. There's also an efficiency play for those of us in a platform space. I do see there being price pressure on investment managers more so than platforms, but it's a thriving market. It's a good observation of the question, Nick. Thanks again. Thank you. There are no further questions at this time. I'll now hand back to Mr. Alcock for closing remarks. Thank you very much, everyone, for coming along. We look forward to seeing those of you that we've booked into for the next couple of weeks for conversations. Thank you for your interest and support. And as I said at the opening of our presentation, it really is a privilege for us to do what we're doing as a business that's really focused on customers and outcomes and building a new industry or working on the reestablishment of the wealth management industry in Australia. Thanks again. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.